Athens News Agency: Daily News Bulletin in English, 07-03-21

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Steps to safeguard social insurance fund assets announced

[02] Fund boards fully responsible for their actions, minister stresses

[03] Government rejects objections to backdated pension fund audit

[04] Left-wing parties talk of 'scandal' in pension funds issue

[05] FM to hold talks with UN chief on Tuesday, US Sec't of State on Thursday

[06] Inner Cabinet discusses public/private sector collaboration projects

[07] Deputy FM Stylianidis concludes visit to Morocco

[08] President Papoulias to pay state visit to Hungary

[09] Reward offered for information leading to disbanding of terror cell

[10] Gov't again refers to Sarkozy quip over Greek deficit figure; FinMin on ECB VP

[11] Demarche lodged with Turkey over Turkish website map, government says

[12] PM to meet former ND leader Evert on Wednesday

[13] Education, employment ministers address conference

[14] Coalition party leader meets hospital doctors union federation

[15] Tourism minister begins Russia visit

[16] Greek tax proceeds at 36.7 pct of GDP in 2005, Eurostat

[17] Hellenic-African Chamber of Commerce and Development appeals to Greek businessmen

[18] Internet access rising in Greece, Info-Society Observatory reports

[19] Alco Hellas expands activities in Germany

[20] Byte Computer wins 1.15-mln-euro contract

[21] Intralot completes video slot project in New Zealand

[22] Building cost up 7.0 pct in February, yr/yr

[23] Greek stocks end slightly lower on Tuesday

[24] ADEX closing report

[25] Greek bond market closing report

[26] Foreign Exchange Rates - Wednesday

[27] Event commemorating late statesman Constantine Karamanlis

[28] Deputy Culture Minister Orfanos to visit the United States

[29] March 25 celebrations in Odessa

[30] Culture minister meets UNESCO director general

[31] Electronic guide for European Citizens Rights presented in Athens

[32] Health minister inaugurates scanning system at hospital

[33] New work unveiled by Theodorakis

[34] Trial for former DEKA board members to begin March 29

[35] Athens mayor to meet finance minister on Wednesday

[36] Suspect accused of printing forged residency documents

[37] Drug arrest in Larisa

[38] Earth tremor in region of Lamia

[39] Urgent weather bulletin: Storm warning for western and northern Greece

[40] The Tuesday edition of Athens' dailies at a glance

[41] President Papadopoulos calls on Talat to jointly implement July 8 agreement

[42] Cypriot FM: Key countries must send right messages to Turkish side Politics

[01] Steps to safeguard social insurance fund assets announced

The first decision was to establish an ad hoc committee that will submit proposals for reforming the institutional framework by end-June. The committee, to be set up by the employment ministry, will be comprised of representatives of the national economy and finance ministry, the Capital Market Commission, the state-run Social Insurance Foundation (IKA), the stockmarket, and others.

The second decision, effective immediately, prohibits social insurance funds from investing in bond derivatives.

The third decision calls for a government audit of the social insurance funds' financial management dating back to 1998. The audit will be conducted by the employment ministry with the assistance of the Bank of Greece, the finance ministry, and the Athens Stock Exchange.

According to Alogoskoufis, the audit will be in-depth, so as to ascertain whether the 23 percent ceiling on investments by social insurance funds has been adhered to.

The government, he told reporters, has proved that it makes "no deductions" on matters of transparency, and that it reveals the problems itself.

The minister further said that the "slander and mudslinging coming from the opposition does not alter the fact that problems had been created on the stockmarket in the past when the present main opposition party (PASOK) was in power".

He explained that the problems and weaknesses regarding the social insurance funds' investments "is known from the past, and that is why the law stipulates that they (the funds) cannot invest more than 23 percent (of their reserves) in stocks and real estate".

Alogoskoufis said that the greatest part of the investments were in low-risk public sector bonds, adding that the new financial transactions had led, however, to dealing in bond derivatives and high-risk compound fiscal means. In that respect, he added, the government has said that it will reform the relevant institutional framework.

Tsitouridis, speaking to reporters after the meeting, said that "we are proceeding with deep-rooted changes", adding that this would be effected "without compromising the autonomy of the social insurance funds".

Tuesday's meeting was also attended by deputy economy and finance minister Petros Doukas, Bank of Greece governor Nikos Garganas and the central bank's deputy governor Panagiotis Thomopoulos, finance ministry secretary general Yiannis Sidiropoulos, the ministry's secretary general for fiscal policy George Kouris, Capital Market Commission Chairman Alexis Pilavios, and Athens Stock Exchange President Spyros Capralos.

[02] Fund boards fully responsible for their actions, minister stresses

"If anyone from the [social insurance fund] managements stretches out his hand, the government will cut it off," Doukas said, while stressing that the economy ministry's job was to ensure the cheapest funding and that the ministry's work stopped there.

He was replying to questions regarding revelations of financial mismanagement by the board of the Civil Servants' Auxiliary Pension Fund (TEADY) and its dealings with the brokerage firm Acropolis AXEPEY, which dominated Monday night's debate on the government's income policy draft bill.

Main opposition PASOK MP Dimitris Georgakopoulos blasted the government, however, for issuing the controversial bond purchased by the social security funds, saying that it had orchestrated something akin to "reverse money-laundering" in which millions of euros had seeped away.

"Though the public sector could have gone directly to the social insurance funds in order to sell the bond in question, instead you went from the State to a bank, from there to a brokerage and another bank, in order for it to return to the state sector with losses of millions of euros along the way," he said.

PASOK MP George Floridis noted that TEADY had paid five million euros in commission for the transaction and had bought the bond at significantly more than its average market value, though it could have paid as little as 50,000 euros in commission for the deal.

In response to other criticism regarding the bond issue, meanwhile, Alogoskoufis said that the use of syndicated loans via banks was a standard method for covering the need to service the vast public debt, also used to the hilt by former PASOK ministers, while this type of borrowing was decreasing since 2004. He also underlined that this was the first and only such loan given to the specific bank, JP Morgan.

Replying to the minister, PASOK MP Vasso Papandreou noted that syndicated loans taken out by PASOK were linked to specific defence contracts:

"What we have here is the issue of a secret bond that is not the state borrowing from third parties: this is internal government borrowing," she said.

In his reply, the minister pledged to fully uncover what had occurred at the social insurance funds and reform the legislative framework governing their operation, beginning with the meeting held on Tuesday.

"We will have a big meeting in order to see how we can protect the money of those insured. Because we cannot talk about solving the social insurance problem and not reform they way that funds use their reserves," he said.

[03] Government rejects objections to backdated pension fund audit

Alternate government spokesman Evangelos Antonaros stressed that "every time is suitable" for carrying out inspections, stressing that the aim was not to "offset" transgressions but to "uncover whether, in the management of Funds' reserves, actions were taken that were not in accordance with the law or did not serve the interests of the funds".

Asked whether changing the legislative framework would be sufficient protection for social insurance funds - given that adhering to the letter of the law had failed to protect them so far - Antonaros again underlined the government's determination to battle corruption:

"The government remains dedicated to the rules of transparency and steadfast in implementing its policy. Anyone who breaks the law will suffer the consequences," he stressed.

The present government, aiming at absolute transparency, equipped the Capital Market Commission with all the tools it needs to operate effectively, he added.

On the same issue, Antonaros also reminded reporters that a website was set up at the initiative of Employment Minister Savvas Tsitouridis listing all the real estate property of the social insurance funds and any changes taking place, while a new website will be ready soon where the liquid assets and relative transactions will be recorded.

"This is a procedure that in the best possible way guarantees transparency in the management of fund reserves," Antonaros stated, adding that the legislative framework governing funds will also be reconsidered.

Regarding the fact that a committee responsible for monitoring the funds' assets remained inactive, Antonaros commented that, as far as he knew, the committee's chairman had never asked it to convene.

Commenting on PASOK's attack on the government, meanwhile, Antonaros stated that PASOK was "trying to overcome its internal problems by launching groundless attacks on the government and by attempting to cultivate a climate of tension and polarization in the hope of political gain. The government has a sense of responsibility in doing its duty and nothing can sidetrack it," he stressed.

On the off-the-agenda debate next Thursday in Parliament and the likelihood that PASOK President George Papandreou would again raise the issue of early elections, Antonaros underlined that the prime minister has been very clear on this issue.

[04] Left-wing parties talk of 'scandal' in pension funds issue

According to the Communist Party of Greece (KKE), meanwhile, the "so-called measures" announced by the government were "just an attempt to blow smoke in the eyes of the workers, since they have not the slightest effect on the regime that allows banks, brokerages and plutocracy to plunder fund reserves".

Both parties underlined their categoric opposition to investing fund reserves in the stock exchange and thus risking the insurance contributions and future pensions of ordinary employees.

"Mismanagement and scandals will continue and multiply as long as reserves are gambled on the stock market, as long as they are plundered by banks, as long as the policy of New Democracy and PASOK governments continues, which allows contribution evasion, the write-off of debts for the benefit of capital, the exploitation of reserves," a KKE announcement said.

In statements on Tuesday, SYN President Alekos Alavanos demanded a return of money "essentially stolen from social insurance funds" and the punishment of those responsible, as well as an end to nepotism, cronyism and political patronage in appointing their senior management.

According to the party, fund reserves must only be placed in safe investments with guaranteed returns, as far as possible, which would be carried out with absolute transparency, the participation and control of those insured.

SYN also criticised the practice of issuing special bonds in order to cover the debt of the Armed Forces, noting that "such untransparent practices, which are a form of accounting alchemy, create the foundation for scandals to arise and for profit-making by private interests at the expense of those contributing to social insurance".

Regarding the measures announced on Tuesday by the government, SYN said they did not address the real problems, essentially postponing action for the future, and were aimed more at "covering up the government's responsibility for the overpriced bond scandal".

[05] FM to hold talks with UN chief on Tuesday, US Sec't of State on Thursday

Bakoyannis, who arrived in New York on Tuesday, following a one-day visit to Rome and talks with the Italian government, is also slated to meet with several members of the Bush administration and Congressional officials in Washington.

Among the topics expected to be discussed with the UN chief are the FYROM "name issue", the Cyprus issue, developments regarding Kosovo and the situation in the wider region of the Middle East.

The UN chief was briefed last Friday by the UN special envoy on the FYROM name issue, Matthew Nimetz.

Bakoyannis is due to leave for Washington on Wednesday, where she will also have meetings on Thursday with US Senate majority leader Harry Reid (D-Nevada) and minority leader Mitch McConnell (R-Kentucky). Afterwards, she will attend a luncheon in her honour hosted by Speaker of the House Nancy Pelosi (D-California).

While in Washington, Bakoyannis will also meet with US National Security Advisor Steven Hadley and the US president's Assistant for Homeland Security director Frances Fragos Townsend, a meeting expected to touch on Greece's request for inclusion in the US visa waiver programme.

On the following day (March 23), Bakoyannis will take part in a special event at the White House marking Greek Independence Day, during which US President George Bush will proclaim March 25, 2007 as "Greek Independence Day: National Day of Celebration of Greek and American Democracy."

[06] Inner Cabinet discusses public/private sector collaboration projects

Speaking to reporters after the meeting, national economy and finance minister George Alogoskoufis said he briefed the Inner Cabinet on the course of materialisation of the projects, noting that the relevant committee has already approved projects budgeted at 2.5 billion euros.

Alogoskoufis said the projects were of "significant social priority", citing inter alia two new hospitals -- a pediatrics hospital and an oncology hospital -- to be built in Thessaloniki, projects concerning public safety, such as the construction of fire stations, as well as the construction of prefectural buildings.

The minister said that those projects could not be constructed solely under the Public Investments Programme, given that the necessary funds were lacking, adding that, apart from the matter of construction, there was also the matter of knowhow as well as that of maintenance.

"With the Collaborations between Public and Private Sector (SDIT), we will have better infrastructures, which will be constructed more rapidly," he said, adding that additional projects were being examined, such as waste management on the basis of proposals that have already been submitted, aimed at their inclusion in the SDIT programme.

[07] Deputy FM Stylianidis concludes visit to Morocco

A Greek mission headed by Deputy Foreign Minister Evripidis Stylianidis, wound up a visit to Morocco on Tuesday with the signing of four agreements and a cooperation protocol.

Stylianidis, who termed the visit as "completely successful," said that "Greece is ready to respond to Morocco's strategic opening towards European Union countries."

The agreements signed between the two sides include the avoidance of double taxation, agreement between the Organization for the Insuring of Export Credits with Morocco's corresponding organization, agreement between the Federation of Greek Industries (SEB) with Morocco's corresponding federation and an agreement in the renewable sources of energy sector.

The protocol includes cooperation in the sectors of energy, construction, tourism, shipping, agriculture, fishing and fisheries.

[08] President Papoulias to pay state visit to Hungary

President Papoulias' visit to Budapest is taking place following an invitation by his Hungarian counterpart Laszlo Solyom.

[09] Reward offered for information leading to disbanding of terror cell

According to a public order ministry announcement, full anonymity -- from authorities and any third party -- will be guaranteed for persons coming forward with such information.

Details are available from the special violent crimes squad at 173, Alexandras Ave. in central Athens, or at the telephone numbers 170 and 1014.

Meanwhile, the US embassy in Athens on Tuesday announced a similar reward scheme leading to the perpetrators of a Jan.

Jan.12, 2007 RPG attack against the embassy compound in Athens.

[10] Gov't again refers to Sarkozy quip over Greek deficit figure; FinMin on ECB VP

"No one disputes the huge deficits accumulated in Greece by successive PASOK governments," Antonaros charged at his regular press briefing on Tuesday.

Moreover, the alternate government spokesman dismissed criticism by main opposition PASOK that Sarkozy's comment is a by-product of a high-profile fiscal audit ordered by the Karamanlis government in late 2004, an audit that significantly revised the deficit figures upwards.

"The main opposition, which created the deficits, obviously believes that they should have been merely covered up, allowing the Greek people to continue to believe that nothing has happened. The responsibility lies with today's main opposition party. It is the one that reported a deficit figure of one-sixth or one-seventh of its true level," he added.

Finally, asked if the criticism by the UMP candidate was linked to current European Central Bank (ECB) vice-president Loukas Papademos -- who was Greece's central bank governor prior to and during the country's admission into the Euro-zone -- along with latent opposition to the appointment of executives from small-to-medium sized EU members on the ECB's board, Antonaros said Athens fully backs the "current structure of the ECB presidium as regards to the participation of representatives from small-to-medium sized countries".

The Greek government spokesman was initially drawn into the ongoing French presidential race when Sarkozy charged that Greece's deficit prior to EMU accession in 2001 was closer to 6 percent, rather than below 3 percent as declared by the then Greek government.

Speaking on Monday, Antonaros, in fact, disputed the 6-percent figure.

"It (deficit) was higher. He (Sarkozy) is not well-informed (in this case). But, no matter, these things are in the past. What's important are the results from the prudent economic policy implemented by today's government, which has decreased the deficit to where it stands today, and as you know, it is now significantly below 3 percent; the Greek economy has stabilised; unemployment has been significantly reduced; imports have improved and the investment climate has changed for the better vis-à-vis Greece. These are the positive results that will benefit and are benefiting all Greek citizens," Antonaros said.

Alogoskoufis

In a related development, Economy and Finance Minister George Alogoskoufis noted, in response to relevant press questions on Tuesday, that "as I said in the past, there is no issue with ECB Vice-President Loukas Papademos."

"He was an excellent Bank of Greece governor, and he currently honors Greece with the position he holds today. It is also well known that the Bank of Greece, during Mr. Papademas' tenure, repeatedly issued warnings about the weaknesses of fiscal data and divergences from the bank's cash flow figures. Anyone can ascertain this by simply reading the Bank of Greece reports from that period," the minister said.

PASOK response

In a later reaction, main opposition PASOK charged that "it is unacceptable for Mr. Antonaros to agree that Greece and Mr. Papademas fooled our (EU) partners in order to gain our entrance into the euro zone," top PASOK MP Vasso Papandreou said.

On her part, PASOK's Maria Damanaki charged that "party affiliations and an effort to injure PASOK cannot overshadow the need for the government to defend the country's interests both in Greece and abroad."

[11] Demarche lodged with Turkey over Turkish website map, government says

Alternate government spokesman Evangelos Antonaros said the demarche was lodged by the Greek foreign ministry on Monday morning.

[12] PM to meet former ND leader Evert on Wednesday

[13] Education, employment ministers address conference

Yiannakou stressed the need for the European Union countries to maintain a serious social model, face competition by the United States, Japan and rising China, meet the challenge of immigration and to link education with employment.

Tsitouridis said that the government's target is competitiveness, full employment and social cpohesion, while stressing that unemployment has dropped from 11.3 percent in 2004 to 9 percent in 2006.

Nakos spoke of an integrated immigration policy aimed at creating conditions for the absolute safeguarding and guaranteeing of the individual and social rights of all people living and working in Greece in the year 2007.

[14] Coalition party leader meets hospital doctors union federation

"Parts of health services from the national health system are being given to the private sector continuously," he said.

Alavanos added that "today, we had an announcement by the inner cabinet that the Paediatric and Oncological Hospital of Thessaloniki are in essence being handed over to the private sector, with the consequences that this will have for the users of free health care, which we should have had if the National Health System functioned."

Financial News

[15] Tourism minister begins Russia visit

Tourism Development Minister Fani Palli-Petralia on Tuesday toured the ITM Intourmarket exhibition here, as part of her nearly week-long visit to Russia at the head of a large Greek delegation of tourism sector entrepreneurs and officials.

On Wednesday, she will inaugurate Greece's pavilion at the MITT tourism show, where Greece is the featured country.

Athens considers Russia as a growing market for its tourism sector, with National Tourism Organization (GNTO) officials citing a target of more than 250,000 tourist arrivals to Greece from Russia in 2007.

[16] Greek tax proceeds at 36.7 pct of GDP in 2005, Eurostat

The Greek state's tax proceeds reached 36.7 pct of GDP in 2005, compared to an average 41.2 percent in the Euro zone and 40.8 pct in the EU-27, Eurostat said on Tuesday.

The EU executive's statistical service, in a report on taxation in the EU in the period 1995-2005, said tax levels in the EU showed significant differences, starting from 29 percent of GDP in Lithuania and Romania all the way up to 52 pct in Sweden.

In general, wealthier countries recorded the highest levels of taxation (Sweden 52 pct, Denmark 51.2 pct, Belgium 47.7 pct, France 45.8 pct and Finland 44 pct), while Romania (28.8 pct), Lithuania (29.2 pct), Slovakia (29.5 pct) and Latvia (29.6 pct) posted the lowest rates of tax proceeds as a percentage of GDP.

Tax proceeds in Greece accounted for 34.7 pct of GDP in 1995 to gradually reach 40 pct in 2000, before dropping to 36.7 pct of GPD in 2005.

Tax proceeds for production and imports (VAT, special duties) accounted for 12.9 pct of GDP in Greece in 2005, down from an average 13.8 pct rate in the EU-27; income and wealth tax proceeds accounted for 9.3 pct of GDP from 12.8 pct in the EU-27 and 11.7 pct in the Euro zone, while tax proceeds from social contributions accounted for 12.1 pct of GDP in Greece, compared with an average 13 pct in the EU-27 and 14.4 pct in the Euro zone.

[17] Hellenic-African Chamber of Commerce and Development appeals to Greek businessmen

The Chamber's President, Sotiris Mousouris, said that many opportunities exist for Greek businesses. However, the importance and impetus of the following sectors was underlined:construction, agriculture, communications and information, fishing and fisheries, health and energy.

Special reference was made during the conference to trade and investments prospects for Greek businesses in countries in southern Africa, particularly for the utilisation of funds of the European Committee of the ESIPP programme for this purpose.

The ESIPP is a European cooperation programme of the countries of southern Africa for promoting investments and technology inflows in businesses that are active in the framework of main developoment sectors in SADC member-states.

Manolis Daniel, representing the Overseas Trade Organisation, said that Greek exports to African countries increased by 17 percent and totalled 764 million euros in 2006, compared to 649 million euros in 2005. The most important exports include farm products, raw materials, fuel and industrial goods.

[18] Internet access rising in Greece, Info-Society Observatory reports

Information technology and the Internet also have high overall penetration in Greek businesses with more than 10 employees, while e-business has remained more-or-less stagnant and e-government services, though available, remain largely unused.

Internet use in households has increased to 27.4 pct in 2006, up from 24.2 pct in 2005, and is tending to rise more quickly than the EU average. The frequency of use is also rising, with 61 pct of users now reporting that they use the Internet almost daily instead of 55 pct in 2005, with a marked increase in use among those aged 35-44 (from 19.9pct to 27.1 pct).

Most popular uses of Internet are for e-mail (69 pct), entertainment (44 pct), games (43 pct), travel information (41 pct), the weather forecast (32 pct) and reading newspapers/magazines (29 pct).

Among businesses, 39 pct of businesses employing one to nine people have Internet access and 92.5 pct of businesses with 10-plus employees, figures that reflect the EU average.

Penetration by broadband is estimated to be 4.39 pct in 2006, with dial-up and ISDN connections losing ground to DSL connections.

Only about 5 pct of Internet users carry out online purchases or orders of goods, while electronic orders and purchases are also low among businesses of 10-plus employees at 7.2 pct and 9.4 pct respectively.

Of basic public-sector services, about 40 pct can be carried out over the Internet but only 8 pct of private citizens uses the Internet for transactions with state services, compared with 71 pct of businesses of 10-plus employees.

Penetration of IT in education is roughly at the same levels as in previous years, though the ratio of pupils to computers in Greece is falling to 15 children per computer on average. About 12 pct of the population uses the Internet for educational purposes.

Just 5 pct of the population use the Internet to seek information on health issues, while 51 pct of GP surgeries are equipped with a computer and 27 pct of GPs use a computer to keep patient records.

[19] Alco Hellas expands activities in Germany

The new company, with an initial capital of 25,000 euros, will absorb the industrial activity of NordAlu Wernahl Gmbh through the purchase of its machinery equipment and customer records for 8.8 million euros as well as its reserves for around 3.0 million euros.

The company will employ 225 workers.

[20] Byte Computer wins 1.15-mln-euro contract

Byte won an open tender launched in the summer of 2006. The initial implementation of the project is expected to last 60 days, followed by a period of testing and operation of the entire infrastructure.

[21] Intralot completes video slot project in New Zealand

The Greek company said completion of the project made Intralot a pioneer in interconnection and electronic control of large video slot machine networks in the world.

The EMS system project was signed in May 2005, after Intralot won an international tender. The six-year project is valued at 35 million NZ dollars and carries an option for a five-year extension.

[22] Building cost up 7.0 pct in February, yr/yr

The statistics service, in a report, said the index was up 0.6 pct in February from January, reflecting higher cost in marble products (1.0 pct), bricks (0.9 pct), metal products (1.5 pct) and cement products (0.5 pct).

[23] Greek stocks end slightly lower on Tuesday

Sector indices ended mixed, with the Technology (1.51 pct), Constructions (1.30 pct) and Insurance (1.10 pct) suffering the heaviest percentage losses of the day, while the Utilities (1.66 pct), Financial Services (0.87 pct) and Personal/Home Products (0.48 pct) scoring gains.

The Big Cap index eased 0.09 pct, the Mid Cap index ended 0.01 pct higher and the Small Cap index fell 0.61 pct.

Viosol (20 pct), Elviemek (17.55 pct) and Vivere (11.92 pct) were top gainers, while Ergas (20 pct), Tria Alpha (18.67 pct) and Alpha Leasing (16.67 pct) were top losers.

Broadly, decliners led advancers by 171 to 88 with another 42 issues unchanged.

Sector indices ended as follows:

Insurance: -1.10%

Industrials: -0.54%

Commercial: -0.55%

Construction: -1.30%

Media: -0.77%

Oil & Gas: -0.73%

Personal & Household: +0.48%

Raw Materials: -0.26%

Travel & Leisure: -0.08%

Technology: -1.51%

Telecoms: -0.87%

Banks: +0.13%

Food & Beverages: -0.09%

Health: -0.37%

Utilities: +1.66%

Chemicals: -0.15%

Financial Services: +0.87%

The stocks with the highest turnover were National Bank, OPAP, OTE and Alpha Bank.

Selected shares from the FTSE/ASE-20 index closed in euros as follows:

Alpha Bank: 22.40

ATEbank: 3.82

Public Power Corp (PPC): 20.10

HBC Coca Cola: 31.20

Hellenic Petroleum: 10.50

Emporiki Bank: 21.44

National Bank of Greece: 40.14

EFG Eurobank Ergasias: 29.40

Intralot: 23.70

Cosmote: 22.24

OPAP: 28.68

OTE: 20.64

Titan Cement Company: 39.20

[24] ADEX closing report

The June contract on the FTSE 20 index was traded at a discount of 3.54 pct, while the April contract on the FTSE 40 index at a discount of 0.67 pct.

Volume in futures contracts on the FTSE 20 index was 9,484 contracts worth 112.379 million euros, with 22,265 open positions in the market, while on the FTSE 40 index volume was 422 contracts worth 11.714 million euros, with 1,013 open positions.

Volume in futures contracts on equities totaled 4,521 contracts worth 2.579 million euros, with investment interest fovusing on ATEbank's contracts (648), followed by OTE (375), PPC (209), Hellenic Exchanges (137), National Bank (315), Alpha Bank (599), Intracom (409) and Mytilineos (200).

Volume in stock repos was 15,772 contracts and in reverse stock repos 4,027 contracts.

[25] Greek bond market closing report

The 10-year benchmark bond (July 20, 2017) was the most heavily traded security with a turnover of 1.380 billion euros, while the yield spread between the 10-year Greek and German bonds widened to 0.24 percent. The Greek bond yielded 4.17 pct and the German Bund 3.93 pct.

In the domestic interbank market, interest rates were unchanged. National Bank's overnight rate was 3.83 pct, the two-day rate was also 3.83 pct, the one-month rate was 3.86 pct and the 12-month rate rose to 4.12 pct from 4.11 pct on Monday.

[26] Foreign Exchange Rates - Wednesday

U.S. dollar 1.340

Pound sterling 0.684

Danish kroner 7.507

Swedish kroner 9.376

Japanese yen 157.4

Swiss franc 1.625

Norwegian kroner 8.230

Cyprus pound 0.584

Canadian dollar 1.564

Australian dollar 1.675

General News

[27] Event commemorating late statesman Constantine Karamanlis

"The fact that we are here today, representatives of all the political forces, is a great honour for the memory of the great Macedonian politician," the prime minister said in a brief address.

Karamanlis added that he was the politician of great national options who sealed the course of the country, not only with his options of major importance, but with his overall political presence as well.

The prime minister further said that Constantine Karamanlis believed that the mission of politics was to rid the country of underdevelopment and the Greeks from poverty, to secure conditions for a strong economy and viable growth and consolidate a state of law and social justice.

He added that he also believed that the mission of politics was to consolidate democracy, create a strong political system that would be rid of the passions of the past and lead the country over and above dividing lines that had hurt Greek women and men.

Lastly, the prime minister said that Constantine Karamanlis entered the country's political life with faith in the mission he was undertaking and left with the satisfaction that he accomplished his mission.

Addresses were made on behalf of the main opposition PASOK party by Evangelos Venizelos, the Communist Party of Greece (KKE) by Orestis Kolozov and the Coalition of the Left, Movements and Ecology (Synaspismos) by its leader Alekos Alavanos.

The event, opened by former foreign minister Petros Molyviatis, was attended by former president of the republic Kostis Stephanopoulos, former prime minister Constantine Mitsotakis, most cabinet members and by many Parliamentary deputies.

[28] Deputy Culture Minister Orfanos to visit the United States

Deputy Culture Minister George Orfanos, responsible for sports issues, will have a number of contacts with representatives of municipal, state and federal authorities in the United States as well as with members of the Greek-American community in New York, Washington and Chicago.

On Thursday, Orfanos will be honored in a special ceremony in New York by Drexel University, chaired by Greek-American Constantine Papadakis, and by the National Greek Television of America.

During his stay in New York, the deputy minister is also scheduled to give a press conference at the Press and Communication Office of the Consulate General of Greece.

On Friday, he will attend a ceremony at the White House marking Greece's Independence Day during which US President Bush will proclaim March 25, 2007 "Greek Independence Day: National Day of Celebration of Greek and American Democracy".

Orfanos will also visit Chicago and on Sunday he will be the Grand Marshall in the Greek Independence Day parade on Halsted Street commemorating the start of the Greek War of Independence from the Ottoman Empire in 1821.

[29] March 25 celebrations in Odessa

The Odessa Opera and Ballet Theatre symphonic orchestra will take part in the celebrations.

On March 25, a memorial service will be held at the Aghia Triada (Holy Trinity) Cathedral followed by a wreath-laying ceremony at the Filiki Eteria Founders' Oath Monument.

The monument is dedicated to the Filiki Eteria (Friendly Society), a secret organisation founded in Odessa in the early 19th century to work for the overthrow of dour Ottoman rule in Greece and to establish an independent Greek state.

[30] Culture minister meets UNESCO director general

Greece's Culture Minister George Voulgarakis met with UNESCO Director General Koichiro Matsuura in Paris on Tuesday and expressed his concern whether UNESCO has changed its policy regarding its 1970 agreement which foresees the protection of cultural heritage.

Specifically, Voulgarakis stated that at the congress in Paris in February, no reference was made to this agreement.

Following his meeting with Matsuura, Voulgarakis stated however that the UNESCO director general assured him that henceforth there will be a written reference to the 1970 agreement in every activity undertaken by UNESCO.

[31] Electronic guide for European Citizens Rights presented in Athens

The guide was created by ruling New Democracy party Eurodeputy Kostis Hatzidakis with the assistance of his associates. The effort lasted for 14 months and the guide is an implement for providing citizens with better and more complete information.

The guide is divided into three parts. The first part includes rights anticipated by European Union law, the second refers to the EU's bodies and procedures required for exercising these rights and the third includes the legal base for exercising the European citizen's rights.

[32] Health minister inaugurates scanning system at hospital

The positron system is already being applied with great success at many hospitals in Europe, since it provides considerable assistance for diagnosing, monitoring and handling many forms of cancer in patients.

[33] New work unveiled by Theodorakis

The scores in the newly released CD expectedly revolved around the adventures and trials of mythical Trojan War hero Ulysses (Odysseus) during his 10 years of wandering before finally returning to his Ithaca island kingdom.

Noted Greek performer Maria Farantouri is the featured singer on the 82-year-old composer's latest project.

[34] Trial for former DEKA board members to begin March 29

The court rejected the defence's request that the trial be postponed and set a new date for the start of the trial this month. Lawyers representing the accused asked for the postponement on the grounds that they were called away to represent clients in other cases at the same time.

On trial are seven members of DEKA's board in the year 2000, who face charges of breach of faith with aggravating circumstances related to the law on embezzling public funds.

The seven are accused of using DEKA funds from March until April 2000 to purchase blue-chip stocks in largely state-controlled enterprises, such as the National Bank of Greece (NBG), Hellenic Telecommunications Organisation (OTE) and others, in order to drive up the Athens stock market in the run-up to the 2000 general elections, incurring significant losses for DEKA when share prices on the Greek bourse later slumped.

An appeals court ruling one year ago had allowed the accused to walk away from the charges by converting them to misdemeanours, for which the statute of limitations had expired, on the grounds that DEKA was a societe anonyme company with legal autonomy from the state.

This decision was later reversed by the Supreme Court, however, which found it was based on a misinterpretation and wrongly applied statutes concerning embezzlement of state assets, since DEKA's property was simultaneously the property of the Greek State.

The initial indictment referred to losses of millions of euros in DEKA assets due to transactions carried out ahead of the April 2000 elections.

Main opposition PASOK had narrowly defeated New Democracy in that election, forming another government under Costas Simitis.

The repeat trial was originally scheduled to begin in October 2006 and was postponed until March 19 because one of the defence lawyers was unable to attend.

[35] Athens mayor to meet finance minister on Wednesday

[36] Suspect accused of printing forged residency documents

A police search of an apartment revealed hi-tech printing equipment, a forged Dutch passport, a Swiss residence permit, a Swiss visa and forged international driver's licenses.

[37] Drug arrest in Larisa

Police made the arrest acting on information that the suspect was dealing large quantities of heroin he kept hidden in his house.

[38] Earth tremor in region of Lamia

Speaking to the ANA-MPA, Aristotelio University of Thessaloniki seismologist Despina Kementzetzidou said the tremor was an isolated one, adding that "the phenomenon is being monitored, while the precise conclusions are expected in the coming days."

Weather forecast

[39] Urgent weather bulletin: Storm warning for western and northern Greece

EMY said that rain and storms are forecast over the next 24 hours in northwestern and northern Greece, the northern and eastern Aegean islands included. A warning for strong southerly winds is also in effect.

A new wave of bad weather is expected on Thursday and Friday (March 22-23) with intense rainfall and storms, snowfall at high altitude regions and gale-force winds in the Aegean (9-10 Beaufort).

Rainy on Wednesday

Rainy weather is forecast in all parts of the country on Wednesday with storms in central and eastern Macedonia and Thrace. Snowfall in the mountainous regions. Winds southerly, southeasterly, moderate to very strong. Temperatures in Athens ranging from 10C to 18C, and in Thessaloniki between 9C and 15C.

[40] The Tuesday edition of Athens' dailies at a glance

ADESMEFTOS TYPOS: "The Akropolis brokerage firm was engaged in transactions with social insurance funds since 2001, huge kickbacks involved".

ANO KATO: "Ten changes in car insurance premiums - New regulations contained in the draft bill tabled in Parliament".

APOGEVMATINI: "Everything out in the open - Investigation going back ten years - All social insurance fund investments from 1996 onward are under scrutiny".

AVGHI: "Attempt to cover up the bond scandal - The government hides behind the (board president of the Civil Servants Auxiliary Fund, TEADY, Agapios) Simeoforidis' resignation".

AVRIANI: "Another six "hot" government bonds ignite fierce Government-opposition feud - Investigation focuses on the suitcase with the 2.5-million-euro withdrawal made by the representative of the Akropolis brokerage firm".

CHORA: "A total of 93 citizen-requested certificates will be electronically issued through the "Ariadne 2" programme - The Citizen Service Centers (KEP) will respond to the citizens' requests with SMS text messages".

ELEFTHERI ORA: "The Prime Minister (Costas Karamanlis) turns a deaf ear to opposition, calls for his minister's resignation and places him under (National Economy and Finance Minister George) Alogoskoufis' orders".

ELEFTHEROS: "Everybody to the prosecutor for the Akropolis scandal - The findings of the responsible committee point the finger at three guilty individuals".

ELEFTHEROS TYPOS: "Three suspect individuals in the bond case - The revelations made by the Employment Ministry inspectors".

ELEFTHEROTYPIA: "The 10 steps of the scandal - Another six covert bonds worth 1.4 billion euros revealed".

ESTIA: "No more lies regarding Turkey - The Europeans are against its full membership".

ETHNOS: "(Government headquarters) Maximos Mansion-guaranteed bonds - (Employment Minister Savvas) Tsitouridis receives backing under Alogoskoufis".

KATHIMERINI: "Shock and awe for Bush in Iraq - Four years after, troop withdrawal is impossible".

LOGOS: "Hot bond - Government offers full backing to Savvas Tsitouridis".

NIKI: "Government bond of political irresponsibility - The Maximos Mansion backs Tsitouridis while limiting his area of responsibility".

RIZOSPASTIS: "Social insurance funds' reserves: Their exploitation by the New Democracy and PASOK governments and plutocracy constitutes a major scandal".

TA NEA: "The findings point at fraud - The (TEADY) fund president was forced to resign".

TO VIMA: "The government is tormented by deep-rooted scamming - The black hole in public funds".

VRADYNI: "10,890 new jobs in the public sector - Hirings and STAGE programmes".

Cyprus Affairs

[41] President Papadopoulos calls on Talat to jointly implement July 8 agreement

Cypriot President Tassos Papadopoulos called on Turkish Cypriot leader Mehmet Ali Talat to immediately and jointly start implementing the July 8 Agreement on the basis of the recommendations included in UN Under Secretary General for political affairs Ibrahim Gambari's letter, based on the common understanding which has already been achieved at the level of their two representatives.

In a written statement issued on Tuesday, President Papadopoulos also proposes a meeting between Talat and himself one week after the commencement of the work of the Technical Committees and working groups.

President Papadopoulos' statement is as follows:

''In the past few days positive developments have taken place during the course of discussions being held between the representatives of the leaders of the two communities which aim at implementing the July 8 Agreement on the basis of the recommendations made in the letter of

Mr. Gambari of 15 November 2006. Problems that arised during the course of the discussions have been successfully addressed. In particular, a common understanding has been achieved on the issue of which Technical Committees and working groups will be set up. The precise content of the discussions of each working group has also been defined. As has been agreed, the Technical Committees will discuss issues ''which affect the daily lives of the people''. A common understanding has also been achieved as to the way how and the time when the Technical Committees and working groups will be set up.

The recommendations included in the letter of Mr. Gambari constitute a sound basis for initiating the process and implementing the July 8, 2006 Agreement. The Agreement gives a complete negotiating framework, which provides for discussions on all issues, at all necessary levels, including that of the leaders of the two communities.

As was clearly defined by the set of principles of the July 8 Agreement, the aim is to achieve a solution on the basis of a bizonal, bicommunal federation, respecting the political equality as this has been defined by the relevant resolutions of the Security Council.

I call on the leader of the Turkish Cypriot community, Mr Mehmet Ali Talat, to immediately and jointly start implementing the July 8 Agreement on the basis of the recommendations included in Mr Gambari's letter, based on the common understanding which has already been achieved at the level of our two representatives.

I have repeatedly stated that it served no practical purpose to have meetings between the leaders unless they have a specific object matter to discuss and unless such meetings serve the agreed aims of the negotiation. Consistent with this position, I further propose to the leader of the Turkish Cypriot community to meet a week after the first Working Groups and Technical Committees are set up and start their work, according to Mr Gambari's recommendations.

I sincerely believe that the commencement of the 8th July process can soon yield results.''

Cyprus has been divided since 1974 when Turkish troops invaded and occupied the island's northern third.

[42] Cypriot FM: Key countries must send right messages to Turkish side

Minister of Foreign Affairs George Lillikas on Tuesday expressed disappointment at the denial of the Turkish Cypriot side in agreeing with the Greek Cypriot proposals for the immediate implementation of the Agreement of the 8th of July 2006, and called upon interested governments to take initiatives and convey the right messages to the Turkish side.

Lillikas also said that the meetings of the leaders of the two communities "must take place at the right time, as the UN Secretary General had suggested and with a specific objective so as to send the right messages."

"Any expectations and hopes created over the last few days," he said, especially after the submission of our "compromise proposal, have faded with the refusal of the Turkish Cypriot side to consent and agree for the immediate implementation of the Agreemen," Lillikas said.

"We will abstain from entering a public game of attributing responsibilities because we want to keep at least some hopes alive and keep the door open for any possible developments towards the right direction," he added.

Noting that progress requires the will and a spirit of consensus from the Turkish Cypriot side and Ankara, Lillikas said it is high time for "the governments and countries that play a role in the area to take initiatives and carry the right messages to Ankara and to the Turkish Cypriot leadership so as not to miss this opportunity and this prospect to make use of 2007 in the framework of the Agreement of 8th July, as was and still is the policy and the intention of the Secretariat and the Security Council of the United Nations."

Responding to a comment that the Turkish Cypriot side blames the Greek Cypriot side over Monday's collapse of the talks, due to President Papadopoulos' refusal to meet with the Turkish Cypriot leader, the foreign minister stressed that the Government has answered many times this issue and reminded "that the Agreement of the 8th July as well as the letter of former UN Undersecretary General for political Affairs Ibrahim Gambari, which the two leaders accepted, sets a timetable and a specific process for the implementation of the Agreement, that provides also for meetings between the two leaders."

"We want these meetings to take place within the framework set by the UN and be fruitful, giving hope, opening new horizons, and not just be public relations meetings, which might cause serious problems," he said, noting that this derives from Monday's experience.

"hat if yesterday' setback had happened during a meeting at a leadership level?" he wondered.

In that case, he noted, the message that would have been sent to the Cypriot society, G/C and T/C and to the international community would be a message of absolute deadlock, not merely disappointment.

Cypriot President Tassos Papadopoulos and Turkish Cypriot leader Mehmet Ali Talat agreed on July 8, 2006, during a meeting in Nicosia in the presence of former UN Undersecretary General for political Affairs Ibrahim Gambari, to begin a process of bicommunal discussions on issues that affect the day-to-day life of the people and concurrently those that concern substantive issues, both contributing to a comprehensive settlement to the Cyprus problem.

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